Mortgages - Help!

[trailer]

My fixed rate ends in exactly 2 years. Expecting bad things, but maybe it will have settled down then.

[screenexile]

My fixed rate ends in exactly 2 years. Expecting bad things, but maybe it will have settled down then.

Same as that. . . might have to increase the term to keep repayments down but fingers crossed things will settle at that stage!

[RedHand88]

Was explaining this to a work colleague who had no idea this was happening. I ran her numbers and her mortgage is going from £460 to £900 next summer.
I don't think she believes me.

250k households coming out of fixed rates in the UK each quarter next year. Their mortgages are going to double overnight. Default rates are going to skyrocket.

This is a huge huge problem and everyone is spending their time discussing Philip Schofield instead of interest rates/ inflation.

[trueblue1234]

We signed into a 5 year fixed rate in Jan this year and got 1.68 rate I think. First time I have ever done a 5 year fixed. The wife wanted to go for a 2 year to see how things went. She dodged a bullet.

[RedHand88]

We signed into a 5 year fixed rate in Jan this year and got 1.68 rate I think. First time I have ever done a 5 year fixed. The wife wanted to go for a 2 year to see how things went. She dodged a bullet.

Divorce her! 

[brokencrossbar1]

We are having the very same discussions at the minute. Fixed rate runs out next November and it would have cost us £3500 to break it a few months back with redemption charges. Decided against it. The predictions for the interest rate hikes mean we have to really look at the options. I would suspect that most fixed rate deals will be in the 4.5% range but you might get better on a discounted rate for 12-24 months. Much will depend on the volatility of the world next year but you really can't predict what will be happening next week nevermind next year.

I bought my first house in 1999. Base rate was 5.5%. Over the next few years it varied between that and 4.25. I remember buying a house at the same level mortgage that we presently have where the base was 4.75%. If it goes up to 5.5 or 6 the world isn't gonna collapse. People need to be mindful of their lives and adjust accordingly because they will go back down.

[clarshack]

my fixed rate runs out in just under 4 years, so still a bit of time for the world to sort itself out before then.

[clarshack]

Was explaining this to a work colleague who had no idea this was happening. I ran her numbers and her mortgage is going from £460 to £900 next summer.
I don't think she believes me.

250k households coming out of fixed rates in the UK each quarter next year. Their mortgages are going to double overnight. Default rates are going to skyrocket.

This is a huge huge problem and everyone is spending their time discussing Philip Schofield instead of interest rates/ inflation.

I was going to ask how on earth does someone not know what is going on in the world especially a mortgage holder but your last sentence explains everything.

[Fear Bun Na Sceilpe]

Was explaining this to a work colleague who had no idea this was happening. I ran her numbers and her mortgage is going from £460 to £900 next summer.
I don't think she believes me.

250k households coming out of fixed rates in the UK each quarter next year. Their mortgages are going to double overnight. Default rates are going to skyrocket.

This is a huge huge problem and everyone is spending their time discussing Philip Schofield instead of interest rates/ inflation.

I was going to ask how on earth does someone not know what is going on in the world especially a mortgage holder but your last sentence explains everything.

I dont think anyone seen the predicted 6% coming

[Kidder81]

Was explaining this to a work colleague who had no idea this was happening. I ran her numbers and her mortgage is going from £460 to £900 next summer.
I don't think she believes me.

250k households coming out of fixed rates in the UK each quarter next year. Their mortgages are going to double overnight. Default rates are going to skyrocket.

This is a huge huge problem and everyone is spending their time discussing Philip Schofield instead of interest rates/ inflation.

I was going to ask how on earth does someone not know what is going on in the world especially a mortgage holder but your last sentence explains everything.

I dont think anyone seen the predicted 6% coming

The Banks didn't, I got 2.5% fixed for 5 years about a month ago

[Fear Bun Na Sceilpe]

Was explaining this to a work colleague who had no idea this was happening. I ran her numbers and her mortgage is going from £460 to £900 next summer.
I don't think she believes me.

250k households coming out of fixed rates in the UK each quarter next year. Their mortgages are going to double overnight. Default rates are going to skyrocket.

This is a huge huge problem and everyone is spending their time discussing Philip Schofield instead of interest rates/ inflation.

I was going to ask how on earth does someone not know what is going on in the world especially a mortgage holder but your last sentence explains everything.

I dont think anyone seen the predicted 6% coming

The Banks didn't, I got 2.5% fixed for 5 years about a month ago

Good job, im coming out of 1.75 in August(2 year deal), it will put me under serious p

[screenexile]

The wife works for a US company and gets paid in dollars and has had something like a 20% payrise since Christmas just with the fx rate . . . she's only part time though so trying to get her to up the hours!!!!

[Fear Bun Na Sceilpe]

The wife works for a US company and gets paid in dollars and has had something like a 20% payrise since Christmas just with the fx rate . . . she's only part time though so trying to get her to up the hours!!!!

Lol, winners and losers, good on her

[Milltown Row2]

This will shoot up the cost of renting also surely?

[imtommygunn]

The wife works for a US company and gets paid in dollars and has had something like a 20% payrise since Christmas just with the fx rate . . . she's only part time though so trying to get her to up the hours!!!!

Having that discussion with a friend this morning as in IT we mostly work in US companies - would be nice to get an adjustment alright!!

I was talking to someone who was telling me that Turkey has 80% inflation and their global company had to up their salaries.